The utilization of cyclophosphazenes as polymer modifiers is reviewed, with particular concern to their exploitation as versatile chain extenders, possibly for recycle problems, crosslinkers, to enhance mechanical properties of polymeric materials, branchers, to selectively introduce ramifications in linear polymers, and compatibilizers, to favor the formation of blends between originally incompatible organic macromolecules. The great versatility of the synthetic methods put forward for these substrates, together with the ease of controlling their modification, functionalization and reactivity are important parameters for the evaluation of which type of use is more feasible for these trimers. The importance of cyclophosphazenes bearing organic polymeric chains, azide groups, 2-oxazoline derivatives and oxirane rings in connection with organic conventional macromolecules is critically highlighted.